Venmo It is a mobile application that allows you to pay, receive and request money from your friends or contacts. This application is a very convenient way to pay your friends when you owe them money and you don’t want or can’t use cash. Since you only have to indicate the amount you want to send to your friend in the application, the application will transfer the money electronically to the account.
What can I use Venmo for?
You can use Venmo to split a lunch account, pay a friend half a cab fare, send their roommate half of the rent, and so on.
How does Venmo work?
To be able to use Venmo you have to download the application in Google play or in the App Store. After setting up your Venmo account, you have to decide how you want to pay your contacts. Since in Venmo you can pay in different ways: using your Venmo balance, with a credit or debit card and with a bank account in the United States. After you decide how you are going to pay you can send money to one of your contacts, entering the amount you want to send and selecting the person.
If the person does not use the application, they will receive a text message or an email and will be asked to enter their bank account or debit card information in order to deposit the money. On the other hand, if you have the application you can withdraw and deposit the money in your linked bank account or keep the money in the application for future transactions.
At Venmo you can also make bank transfers
If you want to make a bank transfer you can do it with Venmo, connecting or indicating in the application the bank account to which you want to transfer the money. Bank transfers sent before 7 PM will generally be available in your bank account the next business day, excluding weekends and holidays.
Can my payment be canceled?
After you send money to a friend, Venmo cannot cancel or refund the money. Since, the moment you send a payment with Venmo, the application sends a request to your bank or card to load the funds and make them available to your friend. Therefore, if you want to get the money back you will have to ask the person who sent you the money to send you a payment for the same amount or a refund.
What is the most money I can send using Venmo?
When you register with Venmo you will have a limit of $ 299.99, until your identity has been confirmed, then you can send up to $ 2,999.99 weekly.
Can I use Venmo to send money to my family in Mexico, the Dominican Republic, etc.?
You can only send and receive money from people who have a bank account in the United States, due to this you cannot use the application to send money abroad to a friend or family member.